Should I get my real estate license?

Question

How do you guys think about a real estate investor having a real estate agent license as well? I know some benefits to have access to MLS but what else?

Erin Dorsey Robinson · Answer

@Mysonne Johnson Go for it! What else is multiple streams of income, opportunity to build a team and generate income from the sales of your team members, the opportunity to sell the properties you don't want to flip yourself to someone else who might.  It's been great for us. We own property, we sell property, we buy property. I think the better question is why would you NOT get a license if you're considering it anyway?

Erin Dorsey Robinson · Answer

@Cameron Tope I agree. I only mean to suggest that the 20% is an equally important part of the reality. For people starting out how to succeed is where they should set their sites. Laser focus on what does work combined with action and constant adjustment to correct course along the way.

Dee Heck · Answer

As a small town known purchaser of RE I have had landlords who want to retire ask me to "run" their properties for them.

It's my understanding in Ohio I have to be a licensed RE agent to be a property manager.  I have seriously considered adding the license to generate another stream of income.

Mysonne Johnson · Answer

@Erin Dorsey Robinson I definitely will. I appreciated!

Cameron Tope · Answer

Mysonne,

What kind of real estate investing do you want to do? How long do you plan on investing?

You won't make any money from your license for 1-2 years and you'll have to find a broker to hang your license with.

Building multiple streams of income sounds great, but it can be extremely distracting and cause you to be spread too thin between your businesses.

Interview some local investor/agents you know and see what they say. You may be surprised.

Hope that helps!

Remington Lyman · Answer

What part of Ohio

Mysonne Johnson · Answer

@Joanne Eriaku That’s another pitiably reason why I should get my license.

I haven’t build a team yet but nobody going to work as hard as YOU. Also doing the extra due diligence on your own so when you buy you know what you getting into and won’t be surprised. So I’ll definitely take it into consideration. Thank you for your response.

Joanne Eriaku · Answer

@Mysonne Johnson, I'm an investor in NY, getting my license because:

I get to dig into the treasure trove called the MLS, having an in-depth look in there beats any property cards being handed down to me by a third party, my analysis is sharper and I can easily pivot without having to go and bother anybody for 25 more different types of searches.

When I have a property to sell, aka post rehab, I save my bottom line an extra 3%, that's not small money considering the cost of inventory in NY.

its a very small price to pay for a serious investor. You have  choice of not getting it, but you better have someone on your team who is as invested as you are in your business with MLS access.

Cameron Tope · Answer

Erin,

I'm glad to hear you've had success as a realtor. The unfortunate truth is over 80% of agents don't renew their license after their first year. If you put the work into any business, you'll see results but it's hard to serve two or three masters if you have multiple businesses.

I don't mean to discourage people from chasing their dreams, but to go into any business without a realistic idea of what to expect is setting yourself up for failure.

Steve Morris · Answer

Well, if MLS is it, I think I'd call the service and see if they'll sell you an account.

Otherwise, it can't hurt, but it won't address the good/bad buy question if you're looking at properties.  You'd be better hooking up with a guy that specializes in what you want.  The value a broker adds mostly is who he knows and talks to.

Should I get my real estate license?

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